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Summary

A cornerstone of Harcourt's publishing program, Microeconomics: Private and Public Choice is considered to be the best existing principles of economics textbook emphasizing free markets. The strengths of this text are its clarity, emphasis on the economic way of thinking, and its application to the world around us. Microeconomics: Private and Public Choice has an amazing approach to introducing students to a moderate amount of economic data while applying the concept to a real-world story.

Table of Contents

Preface

vii

PART 1 The Economic Way of Thinking

1

(52)

The Economic Approach

5

(26)

Some Tools of the Economist

31

(22)

PART 2 Markets and Government

53

(110)

Supply, Demand, and the Market Process

55

(34)

Supply and Demand: Applications and Extensions

89

(28)

The Economic Role of Government

117

(26)

The Economics of Collective Decision Marking

143

(20)

PART 3 Core Microeconomics

163

(246)

Demand and Consumer Choice

169

(32)

Costs and the Supply of Goods

201

(30)

Price Takers and the Competitive Process

231

(26)

Price-Searcher Markets with Low Entry Barriers

257

(24)

Price-Searcher Markets with High Entry Barriers

281

(30)

The Supply of and Demand for Productive Resources

311

(28)

Earnings, Productivity, and the Job Market

339

(28)

Investment, the Capital Market, and the Wealth of Nations

367

(20)

Income Inequality and Poverty

387

(22)

PART 4 International Economics

409

(62)

Gaining from International Trade

415

(28)

International Finance and the Foreign Exchange Market

443

(28)

PART 5 Applications and Special Topics

471

(104)

Labor Markets and Unemployment Rates: A Cross-Country Analysis

475

(12)

Social Security: The Nature of the Problem and the Alternatives for Dealing with It